我国货币政策操作方式转变研究

Kyd land和Prescott以及Barro和Gordon对央行货币政策都有深入细致的研究,以这些研究为基础,在比较稳定产出型和相机抉择型两种情况对央行目标函数的不同影响后,得出结论:短期内相机抉择能带来益处,长期内则不一定;公众的理性预期水平高低及变化对于货币政策的选择产生重大影响;我国货币政策方式的选择应考虑市场机制、预期水平、产出水平、经济文化发展水平等因素。

The Research on the Transition of China's Monetary Policy Operation Mode

Based on the research of Kydland and Prescott,Barro and Gordon,this paper extends their models,compares the different influences on the object function of centre bank due to two type monetary policy: sustained stable output type and orientation to discretionary.We conclude as follows: the centre bank can benefit from the latter type in the short term but not in the long run;the level and changes of public rational expectation have a significant impact on the choice of monetary policy;we should take into account a series factors such as market mechanism,expectation level,output,development level of economy & culture,etc.,when choosing the type of monetary policy.